Bekaert Conference call feedback
Below are the highlights from the conference call. FY24 uEBIT dropped 10% to 348m, roughly in line with our and consensus forecasts. Bekaert guides for flat sales and at least flat uEBIT margins in 2025, which seems slightly more conservative than our and consensus forecasts (KBCS +50bps, CSS +20bps). The gradually improving portfolio profile, very compelling valuation (EV/EBITDA25e of 3.4x) and ongoing support from the € 200m share buyback program prompt us to maintain our BUY rating and € 55 target price.Bekaert is a global technological and market company engaged in advanced solutions based in steel wire transformation and coatings as well as an independent manufacturer of drawn steel wire products. In addition, Co. teams up with customers and suppliers globally to develop, implement, upgrade, and protect both current and future technologies. Co.'s business activities are put in practice along two main axes: Product Innovation and Process Innovation. Product Innovation helps Co. better serve its customers, while Process innovation enables Co. to increase operational effectiveness, minimizing its impact on the environment.
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